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Thursday Papers: Bidding war could break out for Shire

And CME Group is set to finalise £3.8 billion takeover of Michael Spencer’s Nex.

 
Thursday Papers: Bidding war could break out for Shire

Top stories

  • The Times: Takeda, an Osaka-based pharmaceutical company, revealed that it was in the early stages of mounting a potential bid for Shire, the FTSE 100-listed rare diseases specialist.
  • Financial Times: Michael Spencer is selling his Nex Group to Chicago Metal Exchange at £10 a share, with the Chicago exchange ready to pay a premium for the UK financial technology group to knock out potential counterbids from rivals.
  • The Daily Telegraph: Bargain Booze owner Conviviality is the latest retailer facing bankruptcy, putting more than 2,500 jobs at risk, after failing to raise emergency funds from investors.
  • Financial Times: Swedish energy group Vattenfall has won the auction for building Europe's first offshore wind farm to be built without government subsidies in the Netherlands.
  • The Times: Melrose has accused takeover target GKN of planning to sell 90% of its £10 billion empire, putting thousands of British jobs at risk, on the eve of shareholders' decision.
  • The Daily Telegraph: Airbus has issued a warning about the dangers of Britain being excluded from the EU space agency Galileo and Copernicus satellite projects after Brexit.
  • Financial Times: Kim Jong Un, North Korea’s supreme leader, has confirmed that his summit meetings with the leaders of the US and South Korea will be held and he would consider abandoning his nation’s controversial nuclear weapons programme..

Business and economics

  • Financial Times: Technology shares in the US continued their decline on Wednesday after several of the so-called Faang stocks fell further as a mix of regulatory scrutiny and a more defensive mindset from investors left them out of favour.
  • The Times: The Financial Conduct Authority and the Prudential Regulation Authority were given notice of the intended announcement of Aviva’s plans to cancel its “irredeemable” preference shares weeks before the announcement on 8 March and did nothing to stop it.
  • The Daily Telegraph: Google paid nearly £50 million in taxes in the UK last year as the tech giant faces a proposed revenue tax for internet companies.
  • The Times: Banks and financial companies have reduced the number of jobs that are expected to move abroad before Britain leaves the European Union to half, according to an analysis by Reuters.
  • The Times: British exporters are setting up distribution warehouses in Europe to avoid potential delays due to Brexit and maintain sales on the continent, according to the Bank of England.
  • Financial Times: The arch rivals in global luxury car sales, BMW and Daimler are coming together to scale up technology and services including digital ride-hailing and electric vehicle-charging.
  • The Daily Telegraph: Despite a dip in profits at DFS in the first half of its financial year, shares of the sofa seller rose by 7% as the sales had picked up speed in recent months.
  • Daily Mail: Coca-Cola is shutting down bottling plants in Milton Keynes and Northampton, endangering 300 jobs.
  • The Guardian: Rakesh Kapoor, chief executive of Reckitt Benckiser, will pocket £12.5 million in salary and bonuses despite getting his pay slashed by £11 million.
  • Financial Times: Deutsche Bank chief executive John Cryan has said that he is “absolutely committed to serving our bank” in a bid to quell the “widespread rumours” about his potential replacement.
  • The Guardian: Gambling Commission has imposed £1 million fine on online gambling firm Sky Bet for allowing hundreds of potentially vulnerable people to keep betting after they asked to be barred from doing so.
  • The Daily Telegraph: UK Finance, the lobby group for 300 British finance companies, will review dispute resolution for companies wronged by lenders, in the wake of the scandal over RBS’s mistreatment of small businesses.
  • Financial Times: Google may appeal to the Supreme Court, after losing the latest round of a long-running intellectual property battle against Oracle.
  • The Daily Telegraph: Royal Dutch Shell has implicated a former executive in its Africa oil exploration unit and filed a criminal complaint against him over bribery allegations.
  • The Times: The UK government may have to shell out £60 million in compensation after settlement of claims from solar companies that lost out when it slashed subsidies in 2011.
  • The Daily Telegraph: A US court has overturned an earlier verdict ordering Teva Pharmaceutical to pay GlaxoSmithKline more than $235 million for violating a patent covering its blood pressure drug Coreg.
  • The Times: Bank of England and the Financial Conduct Authority have extended European banks’ access to the UK markets until the Brexit transition period ends in 2021, challenging EU policymakers to follow suit and let the sector put contingency plans on hold.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): BUY Majestic Wine; HOLD 4imprint.
  • The Guardian: Stella McCartney has bought 50% stake of her eponymous fashion label from her partner Kering, the French billionaire François-Henri Pinault’s luxury goods company, taking full control of the label.
  • The Daily Telegraph: Sativa Investments, Britain’s first investment firm dedicated to funding medical cannabis ventures, has raised £1.1 million through the IPO on the capital’s Nex exchange, amid a global "green rush" of investment into products made from the widely-banned weed.
  • The Daily Telegraph: Saudi Arabia has entered into a deal with SoftBank to invest in a series of solar parks across the kingdom to be built by 2030, capable of generating enough power for 150 million homes to cut its reliance on oil.
  • The Times: Providence Resources has sold a 50% stake in Barryroe oil field, 50 kilometres off the south coast of Ireland, to Apec Energy Chinese company Apec Energy.
  • The Guardian (Comment): Reckitt Benckiser needs to wean itself off a dud pay model.
  • The Daily Telegraph (Comment): Shire a victim of its own success as bid moves closer.
  • The Times (Comment): How predator got dose of its own medicine.
  • The Times (Comment): We’ll find out in June if the EU really is prepared to turn the Brexit screw.
  • Financial Times (Comment): Who will fare worse in a China-US trade war?

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Friday Papers: BoE might not hike rates next month

by Himanshu Singh on Apr 20, 2018 at 04:56

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